Bank won’t relax rules to capitalise on Brexit

Dublin has been competing with other jurisdictions to attract London-based financial institutions seeking to retain access to the single marketSUSANNAH IRELAND/THE TIMES

The Central Bank will not compromise on standards to attract Brexit investment, Philip Lane has said in a letter to the Department of Finance.

The Central Bank governor was responding to a series of charges made by Michael D’Arcy, the minister for financial services, in early December.

In correspondence with the Central Bank, Mr D’Arcy accused the regulator of adopting an “unhelpful attitude” to Brexit-related queries. He said the processes the bank had in place were unclear and had led to “lengthy delays” for companies looking to relocate to Ireland.

Mr Lane rejected these accusations in a response to Mr D’Arcy on January 17. “Your letter references specific concerns raised to you by the financial services firms with which you are engaging. The Central Bank…

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